| Deal Structure and Party Summary | ||
|---|---|---|
| Deal Structure | Public Target Merger | |
| Acquirer | First Mid Bancshares, Inc. | |
| Public | Yes | |
| Industry | Financial Institutions (banks, insurance, diversified) | |
| Additional Acquirer(s) | First Mid Bank & Trust, N.A. | |
| Private equity sponsorship | No | |
| Target | Blackhawk Bancorp, Inc. | |
| Public | Yes | |
| Industry | Financial Institutions (banks, insurance, diversified) | |
| Private equity sponsorship(s) | No | |
| Key Transaction Characteristics and Terms | ||
|---|---|---|
| Status | Pending | |
| Announcement date | March 21, 2023 | |
| Transaction value | $90.3 million | |
| Form of consideration | Equity | |
| Type of merger | Reverse Triangular | |
| Tender offer | No | |
| Go-Shop/No-Shop Terms | ||
|---|---|---|
| No-Shop Provision | Yes | |
| Go-shop Provision | No | |
| Transaction Advisors | ||
|---|---|---|
| Seller / Target Counsel | ||
| Law firm #1 | ArentFox Schiff LLP | |
| Individual attorney(s) | Jason Zgliniec | |
| Acquirer Counsel | ||
| Law firm #1 | Reinhart Boerner Van Deuren s.c. | |
| Individual attorney(s) | John T. Reichert | |
| Seller / Target Financial Advisors | ||
| Financial advisor #1 | Piper Sandler & Co. | |
| Acquirer Financial Advisors | ||
| Financial advisor #1 | Janney Montgomery Scott LLC | |